Hello all,
I just started out with bitcoins and cryptocurrency in general. It caught my attention because it has been in the news quite a lot recently and ICT / computers are one of my interests. So about a week ago I bought around ~0.0169 BTC (€10 at the time). Everything went smooth, the money showed up in my wallet (I'm using Multibit, Bitcoin-qt still has not finished downloading the blockchain...) A few days ago I tried adding a new address to my wallet, only to find out I wasn't able to come up with the correct password. Too bad, I now consider those coins gone - let that be a lesson for me
.
I'm trying to learn from my mistake, and am currently using the following setup:
* unencrypted Multibit wallet in Truecrypt container using password A. Container stored on local drive and cloud (Dropbox), as well as USB drive.
* encrypted Multibit wallet using password B. Wallet stored on local drive and cloud (Dropbox), as well as USB drive.
I've also made sure I've got the passwords to both the TC container and the wallet written down somewhere safe, so I don't lose them.
What is your opinion of this setup? My main goal is to prevent loss of my wallets, either from forgetting the password or losing the wallets themselves. While theft is of course an issue, I view loss as a more prominent one, and also harder to prevent (theft can be negated by using encryption and trying to not run any keyloggers
.)
I'm thinking of extending this setup, to make a distinction between my savings wallet and my spending wallet. The wallets would both be saved as described above, though both using different passwords. The spending wallet would be used for spending as well as receiving coins. The savings wallet will be used for receiving *only* on only *one* address. The idea behind this is that I do not need to worry about the loss of the coins in my savings wallet by a 'change' transaction of the wallet software; I only receive payments. If I *do* need to send money from my savings wallet to my spending wallet, I afterwards update all stored savings wallet with the one used to perform the transaction.
Again: what is your opinion of this setup? What kind of setup do you use yourself?
(Note: I did have a look at the wiki, I just wanted to discuss this since that would probably provide me with more info.)
